Talanx, the parent company of HDI-Gerling Industrial Insurance, has reported first-quarter net income of €251 million ($352 million), up 16.2% on the corresponding period last year.

Gross written premium increased 12.2% to €9.4 billion ($13.2 billion), driven by the expansion of international business and depreciation of the euro.

The Hannover-based company’s domestic business also grew.

CEO Herbert Haas says the “pleasing performance” shows the company’s strategy is working and its full-year net profit target of €700 million ($982 million) is achievable.

“The persistent low interest rate environment and competitive markets for industrial insurance and reinsurance continue to pose significant challenges,” he said. “Nevertheless, we are confident of successfully overcoming them.”

The combined operating ratio worsened to 96.5% from 94.3% amid higher catastrophe losses, including the crash of Germanwings flight 4U9525.

Net investment income dropped 1.4% to €996 million ($1.4 billion).